Commentary Inf VII 57

That is, the avaricious will have their fists clamped in remembrance of their grasping behaviors, while the prodigal will have their hair shorn to remind them of their lack of care for their possessions (and for themselves). Sinclair, in his note to this verse (Oxford, 1939, p. 105), cites an old Italian proverb: a prodigal spends 'even to the hair of his head.'